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showdown that was happening today. it involved the fiscal cliff. democrats and republicans wrangling over last-minute legislation. cutsx increases and budget into effect on january 1. the clock is ticking and negotiations are ongoing. point, democrats and republicans remain at odds. >> regardless of differences, our top priority has to be to make sure that taxes on middle- class families do not go up. we can get that done. >> president obama called for there wasaction, but senate tonight. >> we will be here at 11:00 tomorrow morning. we will have further announcements. >> mitch mcconnell, a frustrated progress,ack of called the vice president for help. >> there is no single issue that remains an impossible sticking point. a sticking point appears to be a and interest or the to close the deal. >> if congress does not act soon, drastic cuts will go into effect and taxes go up for everyone. more than $3,400 for the average american family. >> significant differences n the two sides and negotiations continue. >> negotiations will continue through the night. "politico" ined by reporter to talk
. the senate will meet at 11:00 a.m. to try to strike a last-minute deal to avoid the fiscal cliff. >> republicans saying they are will be to work with congress and the president to come to an agreement. yesterday, president obama said job leaders have rejected his proposal to make a comprehensive deal. >> we don't yet see an agreement and now, the pressure is on congress to produce. >> we're willing to work with whoever can help. there is no single issue that remains an impossible sticking point. >> today, senate majority leader harry reid could push for a fallback bill which would only raise taxes on families making $2 other 50á,000 a year or more. that plan would extend unemployment benefits for two million americans. icans. -- on families making $250,000 a year or more. >>> police continue to look for evidence in the murder of a college student. a vigil was held last night at battlefield high school for xavier stringfellow. he was a graduate of the school. he was found stabbed to death friday evening in industry anti. his body was found inside a crashed minivan on a service ro
to strike some sort of last- minute teal to avoid the fiscal cliff. >> republicans say they are willing to work with members of congress and the president to come to an agreement but yesterday on nbc's meet the press, president obama said gop leaders have rejected his proposal to make a comprehensive deal. >> we don't yet see an agreement and now, the pressure is on congress to produce. >> we are willing to work with whoever can help. there is no single issue that remains an impossible sticking point. >> today, senate majority leader harry reid could push for a fallback bill which roe woo raise taxes on families making $250,000 a year or more. that plan would also extend unemployment benefits for two million americans. >>> in our other top story, police continue to search for answers in the murder of a college student. xavier strangefellow was a sophomore in virginia. a vigil was held last night at battlefield high school in haymarket. stringfellow was a graduate of the school. he was found stabbed to death. his body was found inside a crashed minivan. police say he had been involved in
. >> washington still in deadlock. >> we're falling over that fiscal cliff. >> republicans simply can't utter the word yes. >> the president is, i believe, slowing down the process. >> they have no strategy. they don't know what they want. >> kim kardashian is pregnant. >> a lot of democrats get mad at me. >> no deal is better than a bad deal. >> something has gone terribly wrong when the biggest threat to our american economy is our american congress. >> hats off to the president. >> as of this point is looks like i'm going to be spending new year's here in d.c. i can come to your house? is that what you're saying? >> happy new year! >>> grab your party hats, chill the bubbly. just eight hours to go. yes, we are all waiting to cue the confetti with hopes for a last-minute deal to avert the fiscal cliff. with sweeping tax hikes and spending cuts set to take effect at midnight, frantic negotiations are ongoing at this hour with the president teasing the prospect of a deal on at least part of the cliff just hours ago. >> it appears that an agreement to prevent this new year's tax hike is within
for republicans. one of the reasons we are at the fiscal cliff is the republican resolution was under the tacit assumption that they would control the white house, so who cared about everything stacked against them. the main problem was obama ran an absolutely brilliant campaign. republicans had a very weak field, and romney was the best of a very weak field. he himself was a very odd candidate. after the financial crisis, a man essentially of wall street, and a man whose essential issue of the 2010 campaign was obamacare, but he had passed something similar in massachusetts. he had two strikes against him, which made it very difficult begins the difficult rigid discipline obama to win. >> i think obama won because republicans underestimated him, and they did it through sell collision that goes back to 2010 when they considered this to be a referendum on barack obama. it was not a referendum on barack obama. it was a referendum on the economy and the incumbent, but not barack obama the person. republicans left the race feeling like this would be a slam-dunk in 2012. they missed the fact that th
.s. government is going over the fiscal cliff, even as senate republicans and the white house reported progress had been made, but house republicans say they will not vote on anything tonight. good evening. i'm judy woodruff. >> suarez: and i'm ray suarez. on the newshour tonight, we have the latest on today's developments, including an update from todd zwillich of public radio international who's been tracking the story on the hill. >> woodruff: then, as secretary of state hillary clinton is hospitalized with a blood clot, we examine their causes and possible treatments. >> suarez: margaret warner talks to jonathan martin and glenn thrush of politico. their new e-book focuses on the crucial final month of the presidential race between barack obama and mitt romney. test. >> barack obama didn't perform that well until late and romney didn't perform the campaign well. campaign management is more important than an individual candidate's performance. >> woodruff: from boston, hari sreenivasan reports on a city- wide effort to keep kids engaged in education through meaningful work experiences. >> we
. >>> the government from going over the flip, yet as the -- fiscal cliff, both republicans said they will not vote tonight. they will reconvene tomorrow morning. >> the vote on spending cuts and tax high school thaksd prevent the u.s. from going -- hike, from -- going over the fiscal cliff, still in the final hours. >> the house and senate convened for rare sunday sessions in hoping of bridging major impasses. >> conversations and discussions continue and we remain hopeful that'll get a breakthrough. >> we'll pass a minimalist bill so that we won't go over the cliff and then i think we have to go from there. >> on nbc's meet the press, president obama made a final pitch for his plan to preserve bush era tax cuts for welt healthy americans. >> a mijor sticking point continues to be -- major annual sticking point, the threshold has waiverd from $250,000 to as high as millionion dollar. the country doesn't have a tax revenue problem. t has a spending problem. john boehner issued a statement saying republicans have made every effort to make the balanced agreement that the president promised the americ
in that interview that republicans were to blame for the current fiscal cliff standoff. take a listen. >> congress has not been able to get this stuff done, not because democrats in congress don't want to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> how accountable are you for the fact that washington can't get anything done and that we are at this deadline again? >> i have to tell you, david, if you look at my track record over the last two years, i cut spending by over $1 trillion in 2011. i negotiated with speaker boehner in good faith and moved more than halfway in order to achieve a grand bargain. i offered over $1 trillion in additional spending cuts. at a certain point if folks can't say yes to good offers, then i also have an obligation to the american people. >> michael steele, some republicans were quick to criticize the president's tone. speaker boehner responded by saying this. amer
some of the spending cuts that are part of this so-called fiscal cliff. republicans want to see more deficit reduction. democrats say that could come later, but this would be a smaller plan. there are really some serious differences and not a lot of time left. congress has created its own deadline to this so-called fiscal cliff and now has to live by it over the next several hours to see if something can get done. erica? >> kelly o'donnell, thank you. chuck todd is nbc's political director. kelly mentioned some constructive movement but then there's this chasm we keep hearing about. is there a chance for a deal? >> i think -- i want to say yes, there's a chance for a deal! they're not that far apart. it really depends on the political motivations of the people at the negotiating table. you think about joe biden and mitch mcconnell, mitch mcconnell is totally looking at this through a political lens, what is in the best interest of republicans in his view? from what i understand in his view he thinks what's in the best interest of the republican party is getting the tax issue off the
. the senate will meet again to avoid the fiscal cliff. >> republicans saying they are willing to work with members of congress to come to an agreement. yesterday during first sunday morning talk show appearance, president obama says gop leaders have rejected his proposal to make a comprehensive deal. >> we don't yet see an agreement and now the pressure is on congress to produce. >> willing to work with whoever can help. there's no single issue that remains an impossible sticking point. >> today's senate majority leader could push for a fall back bill which would only raise taxes on families making $250,000 or more a year. that plan would also extend unemployment benefits for 2 million americans. >>> new this morning, one person was killed in an early morning accident on sully road in fairfax county. this happened around 1:45 this morning. we do know a tractor trailer was involved. not known who was at fault. the driver of the other vehicle was killed. also new this morning, your help is needed to find a missing 77-year-old woman. police say this woman bertha may cook-tyler was last s
cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff. >> president obama blamed republicans. >> they say the biggest priority is making sure they deal with the deficit in a significant way. they are behaving in a way that they're only priority is that the tax breaks for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fiscal cliff on the first of the year, maryland would be hit hard. hundreds of millions of dollars and tens of thousands of jobs lost. >> we have a lot of federal workers and businesses that rely on the federal government. many are watching the negotiations closely. if partisan politics prevail and they cannot reach a deal, americans in maryland will burden will -- will be burdened. legislativent of obs
year ticked down today, and with it went any hope of meeting the midnight "fiscal cliff" deadline. house republicans opted not to hold any votes on the issue tonight. so-- officially, at least-- more than $600 million in tax hikes and spending cuts begin taking effect tomorrow. in the meantime, senate republicans and the white house continue working on a possible deal. . >> are running out of time. americans are still threatened with a tax hike in just a few hours. >> new year's eve morning at the capitol began with a warning from senate majority leader harry reid. after a long weekend dush -- weekend of tense negotiations vice president joe biden had spent sunday dealing directly with the senate's republican minority leader mitch mcconnell. and those contacts continued today. by early this afternoon amid reports of progress, president obama emerged in a campaign style setting. >> today it appears that an agreement to prevent this new year's tax hike is within sight. but it's to the done. there are still issues left to resolve. but we're hopeful that congress can get it done. but
will wait until tuesday. that means the u.s. could go over the fiscal cliff. on wall street today, investors bought up stocks on high hopes of deal, after president obama said this afternoon a deal is "in sight," and positive comments from republican leaders in the senate. here's how e major averagesr closed on this last trading day of 2012. the dow surged 166 points, the nasdaq jumped about 60, and the s&p rose almost 24 points. while wall street has already closed the books on 2012, washington still has a few hours to go before its new year's day fiscal cliff deadline. darren gersh has the latest. >> reporter: after a weekend of late-night negotiations with the vice presidt, senate republican leader mitch mcconnell said an agreement on the fiscal cliff was very, very close. >> we'll continue to work on finding smarter ways to cut spending, but let's not let that hold up protecting americans from the tax hike that will take place in about 10 hours. >> reporter: the deal would raise the top tax rate for individuals making more than $400,000 and couples with more than $450,000 in income. item
on the fiscal cliff. let's bring in republican strategist. -- let's bring in a republican strategist. welcome back. >> good to be here. stuart: it looks like the republicans will get quite a bit of the blame regardless of whether we get a deal, no deal, or whether we go over the cliff. i think you will probably agree that short-term they get the blame. how about long-term >> look, this is obama's game. his game is he needs someone to blame. he had bush in his first term. now he's got the fiscal cliff. blame the republicans. and the truth is, in the short-term, the g.o.p. gets the blame. and they deserve it a little bit. but in the long-term, things change. stuart: you are a republican strategist. why do you say that republicans deserve some of the blame short-term? >> well, they deserve it the same way everyone in washington deserves it. no one in washington is incentiveized to think about the long-term. everyone is thinking about the short-term. by the way we see this in the private sector as well where companies think about, you know, the next quarter and never think about the long-term. th
the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the programs since 2009. he felt it was important to get the message out there. you are right he was pounding the same message again and again f. we go up the fiscal cliff for not meeting them halfway. >>> not because democrats and congre congre congress don't want to go ahead and cooperate but i think it has been hard for speaker boehner and republican mcconnell to accept the fact taxes on wealthiest should go up a little bit sweas well as a deficit reduction package. if they can't say yes to good offers i have an obligation to make sure the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare. >> republicans are expressing frustration saying the president is trying to put the blame on them for going off
is set to fall off the fiscal cliff and negotiatations continue. >> reporter: if republicans and democrats can't strike a dell before midnight monday, taxes will go up for almost every american. automatic spending cuts will kick in and millions will lose unemployment benefits and i'm billing to get this done. >> reporter: republicans introduced but quickly withdrew a proposal to cut the deficit by slowing the growth of social security. but senators say there is some movement as both sides try to pro mize about which americans should start to pay a higher tax rate. >> republicans don't want to see new revenues, in other words democrat tax increases used for new spending. >> reporter: in an unusual move, republicans called on the nation's number two democrat gyp joe biden to help. >> they say their biggest prior is making sure we deal with a deficit in the, this a serious way. but the way they are behaving is making sure tax breaks for the wealthiest are protected. >> reporter: democrats want to introduce legislation to keep tax rates for couples earning up to $250,000 a year.
in the fight over the fiscal cliff as the number two republican in the senate moments ago said there could potentially be a bill ready for the floor, but after lawmakers turned down several different plans to avoid potential tax hikes for every american what do we know about this possible bill? not much, and may be more importantly if it passes, what does it mean for your wallet on january 1st, that is if we fall off the cliff. matt mccall is president of penn financial group llc. the irs is today notifying employers on how much they will have to withhold from their employees' checks. let's go through each and every one of these tax increases if there is no deal, and we dive off the cliff. let's begin with the first one. marginal income tax rates ric rice for nearly everybody in america. >> over 90% of americans will be hit with higher taxes, and everybody talks about the wealthy getting hit the hardest. what i find fascinating is two-thirds of americans that make less than $20,000 a year will get hit with higher tax rates which will equal a gain of close to $600 more per year in taxes. if
to that fiscal cliff, i'm going to speak with republican senator rand paul about the consequences. we'll talk a closer look at what all of this means for you. plus, hillary clinton spending new year's eve in the hospital in new york city with a potentially serious blood clot in her head. we'll hear from a medical expert. stand by. tyeah, its the galaxy note ii.re great. you can do two things at the same time. you can watch videos and text. or you could watch the earnings report and take notes, like we're supposed to. so... can i get it? yeah. okay either of you put together the earnings report yet? yes, me totally. what? why don't you tackle the next quarter. you eat yet? polynesian? pu pu platter? yup! keep up the good work. i will keep up the good work. do more with the new samsung galaxy note ii. >>> just want to update you on the breaking news we've been covering here in "the situation room." first, the secretary of state hillary clinton, she has now been diagnosed thanked to a routine follow-up mri with a brain clot in the brain, situated in the space between the brain and the skull, rig
between democrats and republicans on the fiscal cliff, we have learned of a bit of change this evening with the negotiations. for one, we have learned that the senate will reconvene tomorrow at 11:00 a.m. that means no decision tonight. we have also learned senator mitch mcconnell, the republican minority leader, has had conversations directly with vice president biden. mcconnell had been working with senate majority leader harry reid, but he and biden have gotten things done when working together in the past. can they do it now? let's go to dana bash. dana, what do you think? is it promising? can they go it now? >> reporter: well, let's start there. it certainly has happened before between these two men, and it's happened before when democrats on capitol hill are either split or have gotten, frankly, just too frustrated with the republican counterparts to have conversations to be able to find bipartisan agreement. these are the two men who negotiated an extension of the bush era tax cuts for two years. that happened two years ago when republicans had a lot of political capital because
the traders in the futures pit. then the latest on the fiscal cliff negotiations from republican senator bob corker. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> welcome back to "squawk box," everyone. let's take a look at a few stocks that might be on the move. bristol-myers squibb has gotten fda approval for its anti-clotting drug eliquis. it's designed to prevent clots in patients whose atrial fibrillation is not caused by clotting problems. >>> facebook is experiencing a reacceleration of spending in the mobile category. and intel's earnings estimates have been raised by wells fargo. the firm says that intel's bottom line is benefiting from several factors including gro
on "meet the press" today when he said that republicans are to blame for this fiscal cliff stalemate. chris? >> kristin welker, thanks to you and thanks to nbc's kelly o'donnell on the hill as well. more ahead this hour as we continue to cover the ongoing negotiations on the hill. why a small deal now would set up a big fight later. more on secretary of state hillary clinton who has been hospitalize tonight with a blood clot. msnbc's live coverage continues after this. >>> time is running out for congress to reach a deal to avert the fiscal cliff crisis. at this point, the approaching deadline can be measured in hours, and expectations are being scaled down accordingly. >> i suggested to them, if they can't do a comprehensive package of smart deficit reduction, let's, at minimum, make sure people's taxes don't go up. >> the president appearing on "meet the press" this morning, pushing a narrow last-minute deal that would extend the bush tax cuts for the middle class but leave a hoet of other issues unresolved. if congress does reach a small deal on taxes before the fiscal cliff deadlines up
just yet. with only a few hours before the fiscal cliff deadline, there are signs of progress. >> it appears an agreement to prevent this new year's tax hike is within sight, but it's not done. there are still issues left to resolve. >> reporter: senate republican leader mitch mcconnell and joe biden have negotiated. the deal with extend the tax rates for house holds. increase the estate tax rate from 35% to 40% and extend unemployment benefits for one year. >> let's pass the tax relief portion now. let's take what's been agreed to and get moving. >> reporter: but the sticking point. how long to push off those massive manda tore pri spending cuts that would go into effect in the new year. democrats want a one-year extension. republicans insist on dealing with it sooner. if there has no overall agreement, americans will feel the impact of the fiscal cliff very quickly. the average american family will see a tax increase of more than 3400. if the senate is able to pass a deal, top house republicans aren't confident they'll have the time to get it done by midnight, which means ta
is to the painful fall off the fiscal cliff. democrats and republicans went to the bull pen on sunday, calling in their so-called closers. here is one, here is the other. vice president joe biden and senate minority leader mitch mcconnell. john boehner not in this, nancy pelosi isn't in this, not even the president. the house reconvenes at 10:00, the senate at 11:00, bright and early. sarcastic. neither of them showing particular signs of progress. >> these two worked together in the senate for 20 years. so you hope -- >> in fairness, the houses are not convening. these guys are not working. i don't care if it doesn't play out in the media. the big stumbling block has been avoided. republicans dropped their demand to reduce social security cost of living increases. >> i was really gratified to hear republicans had taken the demand for social security benefits off the table. truth is, they never should have been on the table to begin with there is still significant distance between the two sides, but negotiations continue. >> the consequences of this are too high for the american people to be e
deadline to avoid the fiscal cliff. president barack obama and senate republican leader mitch mcconnell said on monday that they are near a deal to avoid it wide-ranging tax increases and spending cuts set to take effect in the new year. house republicans notified lawmakers that the chamber will vote tonight, but they will be voting on other bills and they will be the only votes of the day. they say it is still not clear if the senate will be able to vote on any kind of deal. >> still ahead, new details emerging about former state delegate tiffany alston. the telestrating head. >> deal or no deal. the clock ticks down to the fiscal cliff deadline. a look at where things stand, coming up. [ female announcer ] the one for all. mcdonald's dollar menu. home of the mouthwatering grilled onion cheddar burger, topped with melty white cheddar and caramelized onions. plus all your tasty favorites for just a dollar each. ♪ every day, as always, there's a lot to love for a little on mcdonald's dollar menu. ♪ >> former state delegate has yet to comment tonight about a report that she has declar
republicans claim barack obama favors. >> it's obvious the president wants us to go over the fiscal cliff. >> reporter: on "meet the press," president obama blamed republicans. >> they say their biggest priority is dealing with the deficit, but the way they're behaving is their only priority is making sure taxes don't go up on the rich. >> reporter: the senate minority leader says -- >> i'm willing to get this done. but i need a dance partner. >> reporter: enter vice president joe biden, called by mcconnell. can the senate veteran help congress stumble to a deal on the last day? if not, and we do go off the cliff, congress could be more likely to make a deal and quickly, because then lawmakers could claim they voted to cut middle class taxes. i'm steve handlesman, news4, capitol hill. >> if nothing else, it looks like there will be a deal to keep the price of milk from skyrocketing. leaders have agreed to a one-year ex-tense of the 2008 farm bill that expired in october. the deal will avert a spike in milk prices to as much as $8 a gallon. but it has to come to a vote in the house and sen
is the house republican conference now in their mentality on making a deal on the fiscal cliff, and is there reason for optimism if something does get produced from the senate sometime today? >> you know, i think there is reason for optimism, first of all, because, chris, you have to remember, we actually passed as part of our budget in the spring an alternative to this possess. we did another such bill in august, and then before we left prayer to plan b, we passed a third bill, so we're glad to see the senate move, and when they do, we'll have something to sink our teeth into. we might not necessarily accept it as-is. there will be some amending, i suppose, lots of debate, but i think that the house is ready to act. the difference between a senate proposal now and plan b last week is that this time we will not need to pass it only on republican votes. we'll have democrats who will be moving forward, and so i think you'll get a vote. >> let me follow-up on that, because i think it's an important point. john boehner's speakership took a hit. you can debate how big or how small.
hill sunday without a deal. the so-called fiscal cliff. >> there is still significant distance between the 2 sides but negotiations continue. >> if republicans and democrats can't strike a deal, tax rates will go up for all americans and automatic tax cuts will kick in and millions will lose unemployment benefits. i want this done. >> they withdrew the proposal but cut the deficit by slowing social security. there is some movement as both sides try compromise about which americans start paying tax rates. >> republicans don't want to see new revenues, in other words democrat tax increase being used for new spending. >> in unusual move republicans called for a no. 2 democrat, biden to help with negotiations as the white house places a lot of blame on the impasse. >> they say the bill biggest priority is we deal with the debit. their way is the only priority that tax breaks for wealth americans are protected. >> if a deal isn't reached, the president wants to introduce legislation to keep tax cuts for people earning more than 200 thousand a year. >> it wasn't only grid lock in washington.
are talking about the fiscal cliff, an especially bad year for republicans, not only losing the presidency by four points and lost winnable senate seats. they got slaughtered with latinos, problems with young people, women. the democrats, they obviously did not win back the house. the senate looks like will be tough in 2014. looking at the fiscal cliff on the democrat side, it is very important that the president convince people that he's serious about the deficit in 2013 and for republicans one of my resolutions is that they try to not be the party of the rich any longer. both party haves a perception problem. the exit polls bared that out. the election bared that out and passing the fiscal cliff and looks like we will have kind of another temporary crisis in the next month or three months, they again have to fight the stereotypes and label that is built up. >> one of those jumped out at me. maybe run it by you. for the democrats, the argument of don't offend gun owners and manners, you don't want to offend anybody needlessly, a voter or group. i get that. you point to the example of the
to go before america goes over the fiscal cliff. final day for democrats and republicans to get a deal done. if they don't, your taxes go up at the stroke of midnight. the two sides brought in their so-called closers on sunday. vice president joe biden and senate minority leader mitch mcconnell. working behind the scenes as they have successfully done in the past. the senate went home last night and they are going to get in this morning at the bright hour of 11:00 a.m. eastern. i don't understand how that works. we are not seeing any evidence of progress in either chamber, but as i said, mcconnell and biden are talking. that's important. these two guys have a long history together, and have an ability to cut a deal. one major stumbling block has been overcome. republicans have dropped their demand to reduce social security, cost of living increases. you will know that as the chain cpi. >> and the public has taken their demand for social security benefits off the table. the truth is they never should have been on the table to begin with. significant distance between the two sides, but n
cliff, if lawmakers can't reach an agreement before midnight. republicans and democrats remain at odds over key issues like the income threshold for higher tax rates. here is andrew spencer with the latest on the showdown. >> if there is a ultimate compromise, there will be parts that i find disgusting and reprehensible that i may have to swallow. >> reporter: a session on capitol hill, as lawmakers work on avoiding the fiscal cliff. talks hit a quote major set back on sunday over social security benefits according to a democratic course. both sides agree to push forward. >> i'm willing to get this done. i need a dance partner. >> reporter: joe biden is that person for senate minority leader mitch mc connell. the two are taking over talks => if nothing is resolved by midnight tonight, tax rates for all americans will increase, $2000 for the average middle class family. >> one mom said that's four months groceries that's commuting back trillion in additional spending cuts. so we would have $2 of spending cuts for $1 of increased revenue. >> reporter: the senate reconvenes at 11:00 a.m.
with the fiscal cliff we face in slightly more than 24 hours. we're here and ready. >> congress will work through tomorrow, with republicans likely insisting more spending cuts be included. >>> budget cuts are at the department of defense also in the cross hairs, raising new concerns about national security. fox's peter doocy looks at what it could mean. >> reporter: senator lindsey graham told me this morning his phone rang saturday night and was the defense secretary calling saying he was told the bill to avoid the fiscal cliff will not avoid anything for sequestration. so he'll need to write 800 layoff notices to contractors. >> if the president doesn't deal with this, he's a lousy commander-in-chief. if there's a deal done that doesn't set aside the defense cuts, we've already cut out of the it was department, then i'm disappointed in the president as commander-in-chief and the republican party for allowing this possible a party. >> reporter: sequestration is designed to be painful. it was imposed by congress on itself when the super committee didn't work it out. president obama said today th
. if lawmakers do not reach a fiscal cliff agreement, you could see your taxes skyrocket and deep spending cuts kick in. major sticking points, entitlements and tax increases. house republicans have ended their meetings for the night. we'll find out tomorrow whether vice president joe biden and mitch mcconnell have made any progress in their talks. any deal would have to get enough votes to pass the senate and the house. >>> president obama says sandy hook school shooting was the worst day of his presidency. americans will have to explore their own feelings when his gun law reform proposals come out next year. >> the question then becomes, whether we are actually shook up enough by what happened here that it does not just become another one of these routine episodes where it gets a lot of attention for a couple of weeks and then it drifts away. it certainly won't feel like that to me. >> the president says the law he's pushing will address assault style rifles, high capacity magazines and background checks. >>> the fiscal cliff, it's not the only deadline pressing on congress. a five-year farm
with legislation that either c really pass. and then we gover the fiscal cliff and i agree that it just kicks the can a little bit further. part of the problem is we have no leadership here. gerri: let's get rich edson back into this. my next question is, what happens next? do we just wait for harry reid and mitch mcconnell to come up with something? when might we have more of these meetings? reporter: senate leaders will meet tonight. carrie reeder says he is suspendi regular business on the senate floor tomorrow so leadership can work on us. they are working on issues and have been for the last couple of days. at that point, sometime sunday morning, they will have to make a decision as whether they got enough vot for they have come up with something that can actually pass the hous and the senate. if that's the deal and they do reach some kd of skeleton or compromise that they can sell the democrats and republicans in the house and senate, they will begin that process once leadership is signed off. the time from then it's a little bit longer when you consider that the house has a rule that a
republican kay bailey hutchison from the senate floor but the lack of a deal to avert the fiscal cliff. >> the senator from texas. >> mr. president, we are here just hours before a looming deadline that is going to affect just about every american in some way and i do believe that both sides of the aisle and both sides of the rotunda want to come to a conclusion that will keep us from having what looks like a complete meltdown of governing in washington. someone asked the question in one of our conferences, when was the last time that congress was in session and voting between christmas and new year's. the answer was since 1970 there has not been such a session and it has actually happened only four times in the history of our country and two of those times were dealing with world war ii. so i think enormity of the issue is very clear. that's why we are here. i think we should have done this six months ago, a year ago. i think all of us agree that we shouldn't be here at this last hour still trying to negotiate a point at which so many americans are going to be more heavily taxed. i wa
. will senate republicans embrace the latest framework for a fiscal cliff deal? also how failure to get a fiscal cliff deal could lead to a mortgage rate free fall. "piles of money" coming up. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just onreason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risksfees and expenses to read and consider carefully before investing. why does my mouth feel dryer than i remember it to be? there are more people taking more medication, so we see people suffering from dry mouth more so. we may see more cavities, bad breath, oral irritation. a drmouth sufferer doesn't have to suffer. i would recommend biotene. the enzymes in biotene products help supplement enzymes that are naturally in saliva. biotene helps moisten those areas that have beco
things stand on the fiscal cliff. >> where do things stand as far as a republican deal? >> republicans advanced a proposal last night and you heard senator mcconnell talk about it on the floor. we're still waiting for a counteroffer. there was an indication we would receive the by 10:00 this morning, but discussions still continue. senator mcconnell and vice president joe biden are continuing to discuss this and we think there still could be a path forward. democrats have come out and made a huge deal out of changing this and republicans are very concerned that it should not be used as an offset to reduce or replace some of the spending cuts that would occur and democrats put forward an alternative. this is a process. there's a lot of give-and-take going on. republicans do not want to see new revenue, democratic tax increases, being used for new spending. that is where many members are drawing the line. >> you all want to use this technical level, but it would really affect social security recipients in the sequester. democrats want to use new revenue from tax increases. is that the wa
over the so call fiscal cliff. and the two sides are not close on a deal. if republicans and democrats cannot come to an agreement, before the midnight deadline, taxes will go up on all americans beginning tomorrow. and economists believe that we will plunge into another recession. danielle nottingham has more from the white house. >> reporter: members of congress arrived at the capital to work on new year's eve to try to avoid massive tax increases and spending cuts from taking effect in just hours. >> there are a number of issues on which the two sides are still apart. but negotiations are continuing as i speak. >> reporter: sources say both sides are starting to pro mize on which families will keep bush era tax cuts. the president wand families making more than $250,000 to start paying more. democrats are reportedly negotiating to raise that limit. >> let's get this thing done. tonight when the ball drops, let's make sure we haven't also dropped the ball. >> i'm sorry that we are here, on new year's eve, and that we haven't solved this problem long ago. >> reporter: most of the nego
and republicans are wrangling over last minute ledges to avert the fiscal cliff there is no sign of a deal so far. chuck stephenson has the latest. >> they heard this prayer from the senate chaplain. >> look on our nation and save us from self-inflicted wounds. >> the clock is ticking towards the new year's eve midnight hour when budget cuts swoop down from the fiscal cliff. harry reid and mitch mcconnell are working on a stopgap bill. >> at some point the negotiating process it appears there are things that have stopped us in moving forward. i hope we're not there but we're getting real close. >> i want everyone to know i am willing to get this know, but i need a dance partner. >> the legislation would prevent a tax increase for 98% of american workers, extend unemployment benefits and prevent a huge cut in payments to medicaid doctors. >> we should introduce legislation to make sure that middle-class taxes stay where they are. >> even if they reach a deal it won't pass congress by monday night. if it doesn't everybody's income taxes will go up. the average family would pay $3,324 would. if cong
-called fiscal cliff. vice president joe biden is now involved in the negotiations but senate republicans and democratic leaders remain at odds over key issues such as higher tax rates and the inheritance tax. >>> thousands turned out all across india to remember the woman who died during a gang rape. they promised to keep fighting against rape and sex-related crimes. and they're also wanting the person accused of killing the 23-year-old to be given the death penalty. >>> here in new york a woman accused of pushing a man to his death on the subway tracks is being charged with a hate crime. she said she shoved the man because she thought he was muslim and laughed so hard during her arraignment she was ordered to stop. she's undergoing a psychiatric examination and held without bail. >>> in southern california a day on the lake turned into a frozen rescue effort. all of it was caught on tape. >> reporter: it was a rare christmas experience in the mountains above los angeles. fresh snow and ice for people who rarely see it. so despite the warning signs -- >> look
will be scrambling to find budget reductions in we can understand. >> we are upon the fiscal cliff. will we need to focus on is how we find that common ground. ira by -- i believe republicans and democrats alike want to put us on the course to fiscal discipline. >> we are running at a time. americans are threatened with a tax hike in just few hours. i hope we can keep in mind that our single most important goal is to protect middle-class families. >> democrats and republicans in congress have to get this done but they are not there yet. they are closed but not there yet. one thing we can count on with respect to this congress is that if there is even one second left, they will lose -- they will use that last second. >> the gap between the two sides is narrowing. time is running short. if a deal cannot be found, the eventual impact on americans will be severe. geeo the year, the ara family would pay an extra $2,000 in tax. there would be sharp cuts in spending across government operations. defense would be hit hard. with so much money coming out of the economy, america would face higher unemploym
're looking at a deadline that's 16 hours away, the country risked going over what he called a fiscal cliff. since the president's re-election, he and republicans have traded offers and counteroffers, finding little common ground on tax increases and cuts from entitlements. president obama and speaker boehner met one on one. nothing happened. the speaker offered plan "b," never got enough support within his own party. here we are all over again. do we have tom coburn? joining us now from capitol hill, republican senator from oklahoma, senator tom coburn. senator, thanks for being with us. >> you're welcome. >> so, why, first of all, does this deadline tonight matter? and i heard you make comments yesterday out on the streets of washington to a reporter that you think we're going to go over the cliff? >> i do. >> okay. >> i do. let me take issue with a couple of things you said. >> okay. >> number one is we haven't cut the first penny yet from the federal government, and it's important people know that. what happened in that agreement is $1 trillion in increased expenditures didn't happen. >
. will there be a framework to avoid the fiscal cliff? ashley: up to the minute coverage from washington. guess what, republicans should just walk away now. oh, boy. ♪ [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...yoll bust yourrain box. ♪ all onhinkorswim from td ameritrade. ♪ ashley: breaking news. there is the podium. no one in front of it. live pictures from the white house. president obama set to speak shortly from this location as lawmakers definitely try to hammer out a deal on the fiscal cliff. of course we'll bring you his comments live which are stated -- slated to begin anytime. it could be a little tenuous when he actually speaks. we'll keep an eye on it. as soon as he does we'll bring it to you live of course. stocks hanging in there up 53 points. let's go to our own diane macedo on the floor of the nyse. >> ashley, stocks are looking better than they started. dow futures up a little more than 50 points. nasdaq
in washington cannot compromise. good afternoon. we are watching and waiting, the fiscal cliff negotiations are down to the wire in the nation's capital and talks continue at this hour. jennifer johnson as the latest from washington. >> cut afternoon, democrats and republicans say they are seeing signs of progress but the deadline is fast approaching and america is hours away from going over the fiscal cliff. >> the house will be in order. >> the house and senate are back in session. america faces the fiscal cliff. >> americans are still threatened with a tax hike in just a few hours. i hope we can keep in mind our single most important goal is to protect middle-class families. >> democrats have agreed to extend tax cuts for people making up to $400,000. it is higher than the $250,000 limit the president wanted. the hope is that instead of a grand bargain, a smaller package gets passed with the real job being pushed up until the new year about this whole thing is a national embarrassment. i think it is an embarrassment to the president and both sides of the aisle and both the house and of t
the fiscal cliff which could trigger across-the-board tax increases and billions in spending cuts. however, there is hope for a soft landing. senate republican leader mitch mcconnell and president obama said today a deal was close. but late in the day house leaders announced they will not vote on a deal tonight. they're waiting for the senate. so what happens now? we have two reports beginning with nancy cordes on capitol hill. nancy, good evening. >> good evening to you, rebecca. it looks like the deadline pressure finally prompted a meeting of the minds today. negotiators agreed to a plan that extends the bush era tax cuts for 99% of americans. but they are hung up on one key spending issue, and so it looks like we will go over the fiscal cliff at least temporarily. >> we're very, very close to an agreement. >> reporter: senate republican leader mitch mcconnell said his round-the-clock negotiations with vice president biden had paid off. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two
and republicans are wrangling over last minute legislation to avert the so called fiscal cliff, you know, the one two punch of tax increases and budget cults that will go into effect january 1. there's no sign of a deal so far. here's pridy arla. >> reporter: the clock is ticking, negotiations are ongoing, but at this point, democrats and republicans remain at odds. >> regardless of partisan differences, our top priority has to be to make sure that taxes on middle class families do not go up that would hurt our economy badly. we can get that done. >> reporter: president obama called for immediate action, but there was no vote in the senate tonight. >> we're going to come in at 11:00 a.m. tomorrow morning and we'll have further announcement perhaps, and we'll have a talk in the morning, i certainly hope so. >> reporter: minority leader mitch mcconnell called vice president biden in for help. he is now said to be playing a direct role. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness and interest or frankly the courage to close the
--minute legislation to avert the so-called fiscal cliff. there's no sign of a deal so far. here's the latest. reporter: as senators convened in a rare sunday session, they heard this prayer from the senate chaplain. >> look with favor on our nation, and save us from self-inflicted wounds. >> the clock is ticking towards the new year's midnight hour when tax hikes and budget cuts swoop ground the fiscal cliff. the two senate leaders, harry reid and mitch mcconnell are working on a stop-gap bill. >> at some point it appears there are things that stop us from moving forward. i hope we're not there, but we're getting real close. >> i want everyone to know i'm willing to get this done but i need a dance partner. >> the legislation would prevent tax increase for roughly 98% of american workers, extend unemployment benefits set to expire for some two million people, and prevent a huge cut in payments to medicare doctors. >> we should go ahead and introduce legs that would make sure middle class taxes stay where they are and should be an up or down vote. >> a deal won't necessarily pass congress by monday nig
a deal. hours before the nation is set to fall off the so-called fiscal cliff. >> there is still significant distance between the two sides, but negotiations continue. >> reporter: if republicans and democrats can't strike a deal before midnight monday, taxes will go up for most every american. automatic spending cuts will kick in. millions will lose unemployment benefits. >> i'm willing to get this done but i need a dance partner. >> reporter: republicans introduced but quickly withdrew a proposal to cut the deficit by slowing social security. >> there is a lot of give and take going on right now but republicans don't want to see tax increases used for new spending. >> reporter: vice president joe biden was called on to help with the negotiations, this as the white house places a lot of the blame for the impasse on the gop. >> they say their biggest prior is making sure we deal with a deficit in a serious way. but the way they are behaving is their only priority is making sure tax breaks for the wealthiest americans are protected. >> reporter: if a deal isn't reached the preside
the press on saturday. house republicans were cozy and doing nothing on the fiscal cliff. john bone bone took himself out of the negotiations and abdicated responsibility and said he would dole with whatever the senate and president had come to. i happening there is a lot of good proprosals on the table and something will get done, too. >> dave: it appears that senate republicans came a long way in sharing their desire for no taxes raised on the wealthy. $550,000 thres hold for couples is a significant compromise. but can they get anything through the house in terms of getting republican votes today? >> i don't think that will get through the house . the house was elected to protect the united states of additional obama care spipe types of spending . from the perspective it is it a char aid. he wants to raise tax for people with over $200,000 . patti murray tipped the president's hand when she said it is okay to go off the fiscal cliff . we get credit when we cut taxing back to the level they were before the cliff . it is it a political issue for them to attain their goalings. >> dave: s
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